Home #COVID-19 2020 Budget: IMF Approves $3.4bn for Nigeria to Combat Effects of COVID-19

2020 Budget: IMF Approves $3.4bn for Nigeria to Combat Effects of COVID-19

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The board of the International Monetary Fund (IMF) has approved Nigeria’s request for $3.4 billion to fight grave impact of ravaging coronavirus disease on the country and its economy.

The Fund’s board gave its approval on Tuesday of the loan which has a maximum repayment period of five years.

Nigeria’s Minister of Finance, Zainab Ahmed, had said that Nigeria applied for funding from the International Monetary Fund’s COVID-19 Rapid Credit Facility to draw from its existing holdings with the World Bank Group / International Monetary Fund, stressing that the loan would not be tied to any conditionalities.

“We have also applied for funding from the International Monetary Fund’s COVID-19 Rapid Credit Facility to draw from our existing holdings with the World Bank Group / International Monetary Fund. This loan will not be tied to any conditionalities.

“However, it is important to clarify that Nigeria does not intend to negotiate or enter into a formal programme with the International Monetary Fund, at this time, or in the foreseeable future,” said the Finance Minister in Abuja.

 

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